PRESS RELEASE - DECEMBER 27, 2005
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ADDITIONAL PAYMENT FROM CERTAIN EXCESS INSURANCE
CARRIERS
PISCATAWAY,
N.J., December 27, 2005 - Robert V. Silva, President and Chief Executive
Officer of Transtech Industries, Inc. (OTC BULLETIN BOARD:TRTI) announced that
the Company has received a payment of approximately $1.3 million from the
estates of four insolvent excess insurance carriers. The Company had settled
its claims against the carriers in June 2005 and received a payment of
approximately $2.7 million at that time.
The total of the payments received from the four estates, approximately
$4.0 million, represents approximately 92% of the total amount of the agreed
upon claims against the four estates.
The four insolvent excess insurers were
among the excess insurers named as defendants in the suit brought by the
Company in 1995 which sought reimbursement of past remediation costs. A settlement was reached with the majority
of the defendant carriers in October 2001.
The estates may pay a percentage of the agreed
claim amount based upon projected assets and claims against such assets,
however there are no assurances that additional distributions will be paid by
the estates. Further claims against the
estates have been barred in accordance with their liquidation plans. The claim proceeds will be subject to
federal and state income taxes.
This news
release may contain forward-looking statements as defined by federal securities
laws, that are based on current expectations and involve a number of known and
unknown risks, uncertainties and other factors that may cause the actual
results, levels of activity, performance or achievements to differ materially
from results expressed or implied by this press release. Such risks and uncertainties include among
others, the following: general economic and business conditions; the ability of
the Company to implement its business strategy; the Company’s ability to
successfully identify new business opportunities; changes in the industry;
competition; the effect of regulatory and legal proceedings. The forward-looking statements contained in
this news release speak only as of the date of the release; and the Company
does not undertake to revise those forward-looking statements to reflect events
after the date of this release.
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